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AP Economics Summer
AP Eco Summer
| Question | Answer |
|---|---|
| Aggregate | Sum; total; gather into a mass or whole; accumulate; add up to; ex. aggregate 100 dollars |
| Capital | Manufactured goods that aide in producing consumer goods |
| Command Economy | Socialism/Communism: Government decides how much and what to produce, and controls all Factors of Productio (North Korea and Cuba) |
| Consumer Goods | Satisfy our immediate needs or wants |
| Economics | Social science. Assumes infinite wants, but goods and services are limited, so that there are not enough resources to fulfill our wants |
| Corporations | Groups of individuals authorized by law to act as a single entity; a business owned by many investors |
| Currency | System of money; ex: dollar, pound, euro, etc. |
| Bond | A certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money |
| Debt | A legal obligation to pay money (i.e. loan from a bank) |
| Demand | The amount of goods and services people are willing to buy |
| Depression | A long-term economic state characterized by unemployment and low prices and low levels of trade and investment |
| Exchange Rates | Values of currencies in relation to each other |
| Export | Commodities (goods or services) sold to a foreign country |
| Federal Reserve | The central bank of the u.s. controls the supply of money and attempts to control interest rates |
| Fiscal Policy | The federal government efforts to keep the economy stable by increasing or decreasing taxes or government spending |
| Full Employment | Lowest possible unemployment rate when economy is growing; if unemployment is less than 4.5% it's considered full employment (official unemployment rate equals the natural unemployment rate) |
| GDP | Gross domestic product- the total market value of all final goods and services produced annually in an economy |
| GNP | Gross national product - the sum of all goods and services produced in a nation in a year |
| Interest Rate | The fee, expressed as a percentage, a borrower owes for the use of a creditor's money (at an interest rate of 10%, a borrower would pay $110 for $100 borrowed) |
| Import | Commodities (goods or services) bought from a foreign country |
| Income | Earnings from work or investments |
| Inflation | Increased prices for goods and services combined with the reduced value of money |
| Input | Something put into a system, such as resources, in order to achieve a result |
| Investment | The act of redirecting resources from being consumed today so that they may create benefits in the future; the use of assets to earn income or profit |
| Labor | The physical and mental talents that people contribute to the production of goods and services |
| Labor Union | An organization of workers that tries to improve working conditions, wages, and benefits for its members |
| Laissez-faire Capitalism | An economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference |
| Long Run | A period of sufficient time to alter all factors of production used in the productive process - all inputs can be changed |
| Macroeconomics | The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth |
| Market | A group of buyers and sellers of a particular good or service |
| Microeconomics | The part of economics concerned with decision making by individual units such as a household, a firm, or an industry and with individual markets, specific goods and services, and product and resource prices |
| Minimum Wage | A minimum price that an employer can pay a worker for an hour of labor |
| Mixed Economy | An economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources |
| Monetary Policy | The management of the money supply and interest rates |
| Opportunity Cost | Cost of the next best alternative use of money, time, or resources when one choice is made rather than another |
| Output | The amount produced (product) |
| Poverty Rate | Percent of US residents whose income falls below the poverty line: amount of yearly income a family needs to meet its basic needs (for a family of 4 the amount of income a family needed to meet basic rquirements was $20,444 in 2006) |
| Price Level | An index that traces the relative changes in the price of an individual good (or a market basket of goods) over time |
| Private Sector | The part of the economy made up of private individuals and privately owned businesses (businesses not associated with government agencies) |
| Productivity | The ratio of the quantity and quality of units produced to the labor per unit of time |
| Public Sector | The part of the economy under the control of the government (i.e. state health and education services, the emergency services (police, fire service and ambulance) and national defence.) |
| Recession | An economic slowdown of the economy which results in rising unemployment, increased business failures, declining economic growth and higher personal bankruptcies |
| Resources | Anything with potential use in creating wealth or giving satisfaction |
| Revenue | The entire amount of income before any deductions are made |
| Saving | Income that is not spent, setting aside income or money for future use |
| Short Run | A period of time sufficiently short that at least one of the firm's factors of production cannot be varied |
| Shortage | A situation in which quantity demanded is greater than quantity supplied |
| Specialization | Workers concentrate on producing those goods and services for which they have a competitive advantage |
| Stagflation | A period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)[1970's] |
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